Summer Economic Statement and half-year tax returns to set budgetary parameters

Minister for Finance Michael McGrath is likely to use the statement to warn about the overheating risk facing the economy.We’ll get a better look at the Government’s budgetary plans and general economic outlook with the publication of the Summer Economic Statement , now part of the pre-budget choreography.

Broadly speaking, the SES sets out the Government’s financial position ahead of the next budget, in other words how much it has in the kitty for new spending and tax measures. The speculation is that the Government will signal an additional budgetary spend of €5 billion, comprising €4 billion in spending measures and €1 billion in tax cuts.

Around the same time, half-year exchequer returns, to the published by the Department of Finance, will point to the relative health of the public finances. June is typically the second-biggest month for corporation tax, which delivered a record €22 billion in receipts for the exchequer last year. The June numbers will signal whether we’re in for another record year.

Minister for Finance Michael McGrath is scrambling to keep a lid on the Government’s budgetary package, which is expected to breach the spending rule, which limits net spending increases to 5 per cent per year, for a second year in a row. That said, the breach is expected to be limited, still within the 6 per cent bound.

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Repeat of one-off measures likely in budgetThe leaders of the Government parties and the two budget ministers were locked in talks late last night ahead of the publication of the Summer Economic Statement
Source: IrishTimes - 🏆 3. / 98 Read more »

Davide Sanclimenti issues lengthy statement about Ekin-Su split | Her.ieDavide claimed he was nothing but a 'genuine, caring and loving boyfriend' and slammed the constant stream of 'toxic criticism circulating around' him.
Source: Herdotie - 🏆 15. / 63 Read more »

Should we be preparing for Russia’s collapse and the global economic fallout that would follow?Prigozhin’s short-lived mutiny was the first clear sign of the potential chaos rippling under the surface as a result of the country’s botched military campaign in Ukraine
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

PAC chair: RTÉ witnesses may appear before committee over summer recessBrian Stanley says Stanley he is interested in hearing from former director-general Dee Forbes, Ryan Tubridy and his agent Noel Kelly,
Source: businessposthq - 🏆 8. / 71 Read more »

PAC chair: RTÉ witnesses may appear before committee over summer recessBrian Stanley says Stanley he is interested in hearing from former director-general Dee Forbes, Ryan Tubridy and his agent Noel Kelly,
Source: businessposthq - 🏆 8. / 71 Read more »

STELLAR Picks: Summer Essentials For Your Make-Up Bag | StellarIs it hot in here or is it just you?
Source: stellarmagazine - 🏆 25. / 51 Read more »